Yes, in those old days of body kits like Koenig and you name it all was possible. Here some pics of brochures from CDS = Car Design Schacht from Munich, they were quite popular in those days for the older E24 and E32, I never have seen one of these E30 in Z1 Look and E34 with 8 series look http://www.bmwfaq.com/threads/los-bm...erie-8.843798/
Also found an old article from 1989 in a German newspaper, the kit for the E34 was costing about US$ 3000, converted the old Deutsch Marks prices to approx $.
The E32 750iL CDS shown in the link does exist for real here in Japan, it is a member of our E32 club.